Building Credit Score Without Social Security Number

[Michael2017 368]

Hi,

 

As this community has helped me on many occasions , I would like to contribute some very interesting way to build credit score way before you immigrate.

 

I went to Bank of America, to open a joint account with my wife (LPR). They also offered me a secured credit card. The lady in BOA told me, that the credit card record would be on file,

and once I have a GC/Social Security Number, the record would be connected with my SSN. This means, I can build credit score years before immigrating and once I immigrated, I will have a good credit score from day 1.

 

What did they ask me for?

 

1. Mailing Address in USA (Spouse address)

2. A Credit Card from my home country

3. A deposit to secure the card. Min. $250. 

 

That`s it. The card costs $39 per year.

 

I am charging $5-10 monthly, based on other trials available on the internet, this should lead to a great credit score over time.

 

Everyone with a Visa Waiver / B Visa etc. should do this, if possible, as it will greatly speeds up the time to get a good credit score after the GC is issued. 

 

Good luck everyone!

 

 

 

Edited July 28, 2017 by Michael2017

[WandY 430]

If this is true, Bank of America should be investigated for consumer fraud. Charging $5-10 per month won't move the needle on a FICO score with Equifax, Experian, or TransUnion - the three largest credit-reporting agencies. Also, you need a Social Security Number for reporting purposes. And I'm pretty sure that financial institutions cannot retroactively attach a SSN to positive financial transactions. Banks and credit agencies are heavily regulated - it seems BOA got $250 from you and $39 per year. No risk to them, and little (if any) reward for you. Although this seems like a method and short-cut to obtaining credit, we have a saying in America: If it's too good to be true, it probably isn't.

 

Possessing the credit card won't hurt you, and in the future may help you. But there is no shortcut to obtaining good credit - especially at $5-10 per month. And to do so without a SSN - well, it isn't going to happen.

[Michael2017 368]

Well, the lady at BoA told me, she did the same for about 10 people in the past years and the credit score came out great right after the SSN was connected.

So, as BoA does not need my 250$, I trust the lady that she does not lie and want to help me. I will report back as soon as I have the SSN, but I honestly does not think that they lie about their past experience. She said the credit scores came out around 600+ with this way.

 

As for the 10$, please see here other verified reports as well. The lower your utilization the better. The amounts are not that important, it is the %.

 

http://www.magnifymoney.com/blog/building-credit/build-credit-with-10-a-month-on-a-secured-card714882391/

[daigo 39]

SSNs are unique identifiers; they are not the only identifiers used by credit bureaus. Whether it's reported accurately to the bureaus might be an issue, but if it is, you can certainly update your credit file with a SSN later. 

 

Either way, secured cards are fantastic for anyone wanting to get a start on building credit (and sometimes one of the only options), and you definitely should get a start on building credit ASAP. I got one with Capital One as soon as I could while on F-1. It helped tremendously. I had a SSN from the get-go though.

[databit 328]

Also please understand that your credit score will be looked at as married, so your wife's credit from now on will be mixed with yours---or it is already.

[Suss&Camm 2,213]

1 hour ago, WandY said:

If this is true, Bank of America should be investigated for consumer fraud.

Fraud for what exactly?

1 hour ago, WandY said:

Charging $5-10 per month won't move the needle on a FICO score with Equifax, Experian, or TransUnion - the three largest credit-reporting agencies.

You are wrong, it will. He should keep it 10-20% of the credit limit on the card and pay in full every month. Credit history is a big part of the score and he is building trustworthiness by showing he pays every month.

1 hour ago, WandY said:

Also, you need a Social Security Number for reporting purposes.

No true either, you just need an ID and an address, the SSN can be added to the file later. I did that.

1 hour ago, WandY said:

And I'm pretty sure that financial institutions cannot retroactively attach a SSN to positive financial transactions. Banks and credit agencies are heavily regulated - it seems BOA got $250 from you and $39 per year. No risk to them, and little (if any) reward for you. Although this seems like a method and short-cut to obtaining credit, we have a saying in America: If it's too good to be true, it probably isn't.

Not in this case.

1 hour ago, WandY said:

Possessing the credit card won't hurt you, and in the future may help you. But there is no shortcut to obtaining good credit - especially at $5-10 per month. And to do so without a SSN - well, it isn't going to happen.

just..wrong.

[Suss&Camm 2,213]

51 minutes ago, databit said:

Also please understand that your credit score will be looked at as married, so your wife's credit from now on will be mixed with yours---or it is already.

There is no such thing as mixed credit for married ppl. He will have his own credit based on what is in his name, and so will his wife.

[Suss&Camm 2,213]

2 hours ago, Michael2017 said:

Hi,

 

As this community has helped me on many occasions , I would like to contribute some very interesting way to build credit score way before you immigrate.

 

I went to Bank of America, to open a joint account with my wife (LPR). They also offered me a secured credit card. The lady in BOA told me, that the credit card record would be on file,

and once I have a GC/Social Security Number, the record would be connected with my SSN. This means, I can build credit score years before immigrating and once I immigrated, I will have a good credit score from day 1.

 

What did they ask me for?

 

1. Mailing Address in USA (Spouse address)

2. A Credit Card from my home country

3. A deposit to secure the card. Min. $250. 

 

That`s it. The card costs $39 per year.

 

I am charging $5-10 monthly, based on other trials available on the internet, this should lead to a great credit score over time.

 

Everyone with a Visa Waiver / B Visa etc. should do this, if possible, as it will greatly speeds up the time to get a good credit score after the GC is issued. 

 

Good luck everyone!

 

 

 

This is a great idea and I know many spouses who have done this from this site

[Unidentified 2,930]

1 hour ago, databit said:

Also please understand that your credit score will be looked at as married, so your wife's credit from now on will be mixed with yours---or it is already.

If both your names are on it yes. Otherwise no. 

[Suss&Camm 2,213]

Just now, Unidentified said:

If both your names are on it yes. Otherwise no. 

They will both benefit from that one account with both their names, sure... but they still only have their own credit score.. you don't share credit score.

[Unidentified 2,930]

Just now, Suss&Camm said:

They will both benefit from that one account with both their names, sure... but they still only have their own credit score.. you don't share credit score.

Sorry I though he meant they both would get a credit score (he would get one and she would get one) from the same card. Not that he thought they would share it. 

[Suss&Camm 2,213]

Just now, Unidentified said:

Sorry I though he meant they both would get a credit score (he would get one and she would get one) from the same card. Not that he thought they would share it. 

Oh lol, maybe I misunderstood him then..  
Just sounded really odd "mixed credit score" when it's only depending on the open accounts in your name.. 

[Lemonslice 4,922]

Immigrants with good credit in their country should also get an American Express account, then open a US account with their Global transfer service.  Two months after moving, I had 15 years credit history...

[mallafri76 1,012]

She didn't know what she was talking about because your credit score won't start counting until you have a SSN. I opened my own bank account with BOFA (not joint) and a MasterCard years before I immigrated to the US. Once I was living in the US and had my SSN, I went to BOFA to update my accounts. My credit score still says I've had my accounts from April 2016, which is when I immigrated and got my SSN. 

 

Now don't get me wrong, opening a bank account and/or card now will help you once you immigrate, as long as you keep a good balance on your account and keep the card balance low, but it won't have a direct impact on your credit score. It will however help you internally with your bank, as you will have been a good customer for X amount of years. This is how I was able to get a BOFA auto loan by myself about two weeks after immigrating to the US as well as a creditcard limit of $5,000.  

[Suss&Camm 2,213]

14 minutes ago, mallafri76 said:

She didn't know what she was talking about because your credit score won't start counting until you have a SSN. I opened my own bank account with BOFA (not joint) and a MasterCard years before I immigrated to the US. Once I was living in the US and had my SSN, I went to BOFA to update my accounts. My credit score still says I've had my accounts from April 2016, which is when I immigrated and got my SSN. 

 

Now don't get me wrong, opening a bank account and/or card now will help you once you immigrate, as long as you keep a good balance on your account and keep the card balance low, but it won't have a direct impact on your credit score. It will however help you internally with your bank, as you will have been a good customer for X amount of years. This is how I was able to get a BOFA auto loan by myself about two weeks after immigrating to the US as well as a creditcard limit of $5,000.  

That's not right though - I had a credit score before my SSN....